JTS Announces Sale of Atari Assets for $5 Million
SAN JOSE, Calif. – March 13, 1998 – JTS Corporation (Amex: JTS), announced the completion of the sale of the company's Atari Division assets to HIACXI Corporation, a wholly-owned subsidiary of Hasbro Interactive, Inc. (Amex: HAS) for $5 million in cash.
"The proceeds from the sale of these non-core assets will be utilized to support our working capital requirements as we increase our production," said Joseph Prezioso, Executive Vice President, Finance and Administration, and Chief Financial Officer of JTS Corporation.
The Atari Assets were acquired by the company in July 1996 when the company merged with Atari Corporation and consisted primarily of Atari home computer games and the intellectual property rights and agreements associated with such games.
JTS Corporation is a leader in information storage products. The company designs and manufactures hard disk drives for personal computers, and markets them to leading systems manufacturers and selected resellers. JTS is committed to providing world class hard drives at value prices to support personal computing. The president and chief executive officer of JTS, Tom Mitchell, was formerly the President and Chief Operating Officer of Conner Peripherals and Co-founder, President and Chief Operating Officer of Seagate Technology.
For further information, contact JTS Corporation at 166 Baypointe Parkway, San Jose, California, 95134. Phone: 408-468-1800 Fax: 408-468-1619. Website: www.jtscorp.com